IPI Invesco Pty

 
TIDMIPI 
 
Invesco Property Income Trust Limited 
 
HEADLINE: Property Valuation 
 
The Directors announce the valuation of the Company's property portfolio as at 
31 December 2011. 
 
  * UK portfolio: GBP75.91 million (30 September 2011: GBP76.41 million) 
 
  * European portfolio: EUR139.13 million (30 September 2011: EUR141.02 million) 
 
In Sterling terms the total valuation was GBP192.49 million, down 3.3% on a like 
for like basis. The UK values fell by 0.7% and European values by 1.3%; the 
fall in European values was 5.0% including currency movements. 
 
Set out below is an analysis, taking into account transactions, of the 
portfolio's vacancy rates, weighted average gross yields and unexpired lease 
terms at 31 December 2011 (30 September 2011). 
 
                           Portfolio at 31 December 2011 (30 September 2011) 
 
                                UK              European          Aggregate 
 
Vacancy rate               6.5% (9.4%)       14.4% (14.6%)      10.5% (12.1%) 
 
Average gross yield       10.3% (10.1%)       8.8% (8.6%)        9.4% (9.2%) 
 
Weighted average        5.0 yrs (5.1 yrs)  2.3 yrs (2.4 yrs)  3.5 yrs (3.6 yrs) 
unexpired lease term1 
 
Notes: 
 
1 To earlier of next break or lease maturity. 
 
As at 31 December 2011 the Sterling value of the Company's bank borrowings was 
GBP192.8 million (30 September 2011: GBP197.3 million, the change reflecting 
currency movements only). The loan to value ratio was 100.2 per cent. (30 
September 2011: 99.1 per cent.), which is below the maximum of 110 per cent. 
permitted under the Company's bank facility. The Company's interest cover 
stands at 142.8 per cent. (30 September 2011: 146.7 per cent.) compared with 
the covenanted minimum of 110 per cent. 
 
The Net Asset Value and the Adjusted Net Asset Value per share as at 31 
December 2011 will be announced in due course. 
 
5 January 2011 
 
Enquiries: 
 
Angus Pottinger 020 7065 4000 
 
Invesco Asset Management 
 
Rory Morrison 020 7543 3500 
 
Invesco Real Estate 
 
 
 
END 
 

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